Management's Midstream Experience
The Crestwood Team has participated in a number of midstream business cycles since the late 1970's and has experienced many of the events that have shaped the current midstream environment. From the deregulation of the natural gas industry in the 1980's to the consolidation of the pipeline sector and emergence of energy marketers in the 1990's to the formation and growth of MLP's over the past decade, Crestwood has first hand experience in creating value through proven investment strategies.
In addition to its years of operating experience at Enterprise, GulfTerra, El Paso and Eastex, the Crestwood Team has participated in some of the industry's significant strategic developments, M&A transactions and organic infrastructure projects. A brief list of some of those deals is set forth below:
- IPO of Eastex Energy Inc., the first independent gas marketing company to go public as a result of the deregulation of the gas industry (1987)
- IPO of Leviathan Gas Pipeline Partners LP, one of the early midstream MLP's to go public (1993)
- Merger of Eastex and El Paso Corp. to create El Paso's first non-regulated business unit (1995)
- FERC spin down of El Paso's San Juan, Permian and Anadarko gas gathering systems (1996)
- Acquisitions by El Paso of Tenneco (1996), Sonat (1999) and Coastal (2001) and integration of midstream assets into El Paso Field Services
- Acquisition of Leviathan (1998) and entry into the Gulf of Mexico Deepwater Trend development play.
- Acquisition of the former Valero Texas Intrastate Pipeline System (largest pipeline system in Texas) from PG&E (2000)
- Industry's first MLP drop-down acquisition by Leviathan (1999); Completed 12 drop-downs valued at over $2 billion from El Paso to Leviathan/GulfTerra (1999-2003)
- Industry's first PIPE transaction by Leviathan (2001)
- Development and construction of significant Deepwater GOM infrastructure projects including the Marco Polo offshore platform and pipeline systems (2002), Cameron Highway offshore oil pipeline system (2004), and Independence Hub platform and Trail pipeline system as the world's deepest offshore production platform and natural gas pipeline (2007)
- Cameron Highway project awarded "Project Finance's Deal of the Year - US Infrastructure" (2003)
- MLP sector's largest merger between Enterprise and GulfTerra (2004)
